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Take-out Financing

          Permanent or long-term financing of individual condominium units for their respective buyers

Tax Deed

          A deed for property sold by a government unit for non-payment of taxes.

Tax Sale

          A sale of property, usually at auction, for non-payment of assessed taxes.

Tenancy at Sufferance

          A tenancy arising when the tenant wrongfully holds over after the expiration of their term. The landlord           has the choice of evicting the tenant or accepting them for a similar term and under the conditions of             the previous holding.

Tenancy at Will

          Possession and occupancy of land terminable at the will of either party.

Tenancy by the Entirety

          A tenancy held by husband and wife giving each the equal right to possession and enjoyment during t           their join lives, along with the right to sole ownership upon the death of either partner.

Tenancy for Years

          Leasing of a property for a fixed period of time.

Tenancy in Common

          Ownership by two or more persons who hold undivided interest, without right of survivorship.  Upon the           death of one tenant, their interest goes to their heirs.  Interests need not be equal, and each owner is             possessed of the whole of an undivided part.

Tender

          To offer; to present.

Tenements

          All rights in land which pass with a conveyance of the land.

Testament

          The written declaration of one’s last will

Testate

          One who dies with a will.

Testator

          One who leaves a will in force at their death.

Time is of the Essence

          In a contract, a requirement of punctual performance.

Time Sharing

          A form of multiple ownership in which purchasers buy specific time periods for use of the property                 represented by tenancy in common interest.

Title

          Evidence that an owner of land is in lawful possession thereof; an instrument evidencing such                       ownership.

Title Insurance

          A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title,           provided the loss does not result from a defect excluded by the policy provisions.

Topography

          The nature of the surface of land.

Torrens System

          A system for the registration of land under state law indicating the  status of the title, including                     ownership and encumbrances, without the necessity of additional search of the public records; Land             Court.

Tort

          A negligent or intentional wrong; a wrongful act; violation of a legal right.

Trade Fixture

          Articles of personal property annexed to real property, but which are necessary to the carrying on of a           trade and are removable by the owner or tenant when they leave.

Transact

          To conduct business affairs; to carry out, perform or manage.

Transfer Certificate of Title

          The TCT is the Land Court registration document assigned to a registered property.

Trespass

          Wrongful invasion of land by one having no lawful right to enter.

Trust Deed

          A deed given by borrower to trustee to be held pending fulfillment of an obligation.

Trustee

          One who holds property in trust for another to secure the performance of an obligation.

Truth-in Lending

          A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device.

Undivided Interest

          Title to property owned by two or more persons, none of whom are entitled to claim or possess any               specific part.

Unilateral Contract

          A contract whereby only one party is obligated to perform their obligation to another.

United States Government Survey System

          A method of describing or locating real property by reference to the governmental survey; rectangular             survey system.

Unmarketable Title

          A title containing substantial defects which might cause a prospective purchaser to suffer title                       litigation and possible loss.

Upset Price

          The minimum price at a foreclosure sale below which the property cannot be sold.

Usury

          Charging a rate of interest on a loan greater than that permitted by law.  

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